[3] Teekay was founded in 1973 by Torben Karlshoej, then a 31 year old Danish ship broker who had emigrated to the United States at the age of 20 and mostly worked on farms.
It maintained a head office in the Bahamas, thus taking advantage of low corporate taxes.
Most of its ships were registered in Liberia, thus taking advantage of the comparatively low taxes and the ability to recruit seafarers from across the world.
This was followed in 2007, with the Russian tanker Che Guevara which was subsequently converted into the FPSO Petrojarl Cidade de Rio das Ostras.
In 2006, Petrojarl ASA was demerged from Petroleum Geo-Services and listed on the Oslo Stock Exchange.
[16] Teekay currently operates a fleet of conventional tankers, under head offices in Canada, London, Manila, Mumbai, Bermuda and Singapore, along with a marine services arm based in Australia.